Referral code incentives are misaligned

The referral code system allows for a fee discount to be given to traders. However, since all the referral codes are on chain, if there is any referral code with the best fee discount, profit-maximizing traders will use that referral code regardless of who actually referred them.

Additionally, the referral code system allows for a rebate to be given to the referrer. However, this rebate can be gamed by the referral code owner. If the owner sets up a contract that reimburses back to the trader the referrer rebates that it gets, minus perhaps a profit margin, they can ask profit-maximizing traders to use their referral code for the maximum effective discount.